Finding New Ideas for your Business

If you’re lucky you and your business will be busy. Making money, getting clients or work, you may be too busy to do anything but handle what’s on your plate. However, if that isn’t the case, there are things you can do that can expand on your potential client pool.

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In this article we’ll consider some of the ways you can come up with news ideas for your business, to help you get more clients and earn more money.

What Is Everyone Else Doing?

Competitor analysis is a great way to come up with ideas for your business. Have a look at what your competitors are doing and see if they are doing something that offers values that you could do, too.

There’s nothing wrong with copying a competitors idea – companies do it all the time. This is ide aparticularly noticeable in industries that have only a few competitors like duopolies. A good idea will get copied lest a competitor gain a market advantage.

You should regularly have a look at what your competitors are doing to see if it gives you any ideas. Or it might suggest something you need to do to remain competitive.

Strengths and Weaknesses

A really great tool to find new ideas is a SWOT analysis. SWOT simply stands for Strengths, Weaknesses, Opportunities and Threads. Strengths and weaknesses are things you (or your business) do well or poorly. Opportunities are weaknesses in your competition or things to take advantage of in the market in general. Threats are things your competitors do much better than you or things you need to worry/think about. You can learn more about performing a SWOT analysis here.

The purpose of the SWOT analysis is to get you to reflect on your business and your competitors, and think about how you stack up against the rest of the field, and market conditions generally.

If you’ve identified strengths then see if you can turn those strengths into new business opportunities.  Is there something you do well that you’re not offering customers, or letting them know about?

If you see opportunities that match your strengths then you may also have a new idea for your business.